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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consists of:
|  | For the Year Ended December 31, |
(In Thousands) |  | 2023 |  |  | 2022 |
Current tax expense |  |  |  |  |  |
Federal |  | $ | 81 |  |  | $ | 38 |
State |  |  | 4 |  |  |  | — |
Total Current tax expense |  | $ | 85 |  |  | $ | 38 |
Deferred tax (benefit) expense |  |  |  |  |  |
Federal |  | $ | (3,187 | ) |  | $ | 1,184 |
State |  |  | (259 | ) |  |  | — |
Total Deferred tax (benefit) expense |  |  | (3,446 | ) |  |  | 1,184 |
Total tax (benefit) expense |  | $ | (3,361 | ) |  | $ | 1,222 |
Schedule of Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of deductible and taxable temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities, respectively, are as follows:
(In Thousands) |  | December 31, 2023 |  |  | December 31, 2022 |
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 6,009 |  |  | $ | 970 |
Deferred compensation |  |  | 757 |  |  |  | 602 |
Net fair value adjustment on acquired net assets |  |  | 10,355 |  |  |  | 1,250 |
Net unrealized loss on debt securities |  |  | 1,025 |  |  |  | 1,703 |
Net operating loss carryforwards |  |  | 6,877 |  |  |  | 1,740 |
Lease liability |  |  | 3,811 |  |  |  | 1,875 |
Other |  |  | 1,175 |  |  |  | 379 |
Total deferred tax assets |  | $ | 30,009 |  |  | $ | 8,519 |
Deferred tax liabilities: |  |  |  |  |  |
Premises and equipment |  | $ | (1,867 | ) |  | $ | (1,025 | )
Net unrealized gain on cash flow hedge |  |  | (150 | ) |  |  | — |
Right of use asset |  |  | (3,611 | ) |  |  | (1,875 | )
Other |  |  | (228 | ) |  |  | — |
Total deferred tax liabilities |  |  | (5,856 | ) |  |  | (2,900 | )
Net deferred tax asset |  | $ | 24,153 |  |  | $ | 5,619 |
Reconciliation of Effective Income Tax Rate | The reconciliation of the federal statutory rate and the Company's effective income tax rate is as follows:
|  | For the Year Ended December 31, |  |
|  | 2023 |  |  |  | 2022 |  |
(In Thousands) |  | Amount |  |  | % of Pretax Income |  |  |  | Amount |  |  | % of Pretax Income |  |
Provision at statutory rate |  | $ | (3,219 | ) |  |  | 21.0 |  | % |  | $ | 1,432 |  |  |  | 21.0 |  | %
Tax-exempt income, net of TEFRA disallowance |  |  | (162 | ) |  |  | 1.1 |  |  |  |  | (253 | ) |  |  | (3.7 | ) |
State income taxes, net of federal income taxes |  |  | (202 | ) |  |  | 1.3 |  |  |  |  | — |  |  |  | — |  |
Bank-owned life insurance |  |  | (155 | ) |  |  | 1.0 |  |  |  |  | (104 | ) |  |  | (1.5 | ) |
Non-deductible merger expenses |  |  | 387 |  |  |  | (2.5 | ) |  |  |  | — |  |  |  | — |  |
Revaluation of deferred taxes for state tax rates |  |  | (177 | ) |  |  | 1.1 |  |  |  |  | — |  |  |  | — |  |
Other |  |  | 167 |  |  |  | (1.1 | ) |  |  |  | 147 |  |  |  | 2.1 |  |
Actual tax expense and effective rate |  | $ | (3,361 | ) |  |  | 21.9 |  | % |  | $ | 1,222 |  |  |  | 17.9 |  | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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